Sydney boutique VGI Partners' funds have held on to their ratings from Zenith after partner and head of research Douglas Tynan resigned last week.
Tynan resigned from his executive role but will stay on as a non-executive director, investor and shareholder.
Zenith Investment Partners, which rates VGI's two close-ended listed funds has retained their ratings despite the leadership change.
VGI Partners Global Investments Limited (VG1) and VGI Partners Asian Investments Limited (VG8) will stay at recommended and approved respectively.
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"The short answer is that while we would obviously say that his departure is a significant loss, we do think they are significantly resourced and well led under Rob Luciano and they continue to maintain their quite differentiated investment strategy," Zenith Investment Partners head of real assets and listed strategies Dugald Higgins told Financial Standard.
He also said VGI has added more people to the business on the marketing and distribution side.
"While it is not directly related to investments, it does allow Luciano to focus on investment side of the team. It is a point that should not be understated. When fund managers list their funds or business, it can take their focus away from the investment to the listing side," he said.
VGI Partners managed $3.2 billion at March end and listed on the ASX last year.